Credit Control

Credit Control Services

What is Credit Control?

Credit control refers to the practices and strategies implemented by businesses and financial institutions to manage and monitor the credit extended to their customers or clients. It involves maintaining a balance between providing credit to customers and ensuring timely payment of outstanding invoices or debts.

The primary goal of credit control is to minimise the risk of bad debt and late payments while also maintaining positive relationships with customers. Effective credit control involves various processes, such as assessing the creditworthiness of potential clients before extending credit, setting credit limits, establishing payment terms, monitoring customer accounts for overdue payments, and taking appropriate actions to recover outstanding debts when necessary.

Credit control activities may include sending reminders or statements to customers with outstanding invoices, negotiating repayment plans, imposing late payment fees.

Credit control can either be undertaken by creditors internally within their business or to an outsourced credit control specialist debt recovery organisation.

If the credit credit control strategy fails then debts should be outsourced to a third party debt recovery specialist for recovery and legal action where appropriate.

Ultimately, credit control helps businesses maintain healthy cash flow, reduce the risk of financial losses due to non-payment, and ensure that the financial health of the organisation remains stable.

Debt recovery

How We Can Help You

Recognising the distinct needs of our clients we take immense pride in providing a meticulously tailored and fully personalised solution through our credit control services. This approach ensures that your individual requirements and preferences are seamlessly aligned with, guaranteeing a bespoke and effective resolution.

Within this framework, you are presented with a versatile range of choices. Should you find yourself facing overdue invoice(s), our credit control services can be promptly engaged to proactively address the situation. Alternatively, during busy periods such as your fiscal year-end, our support can be strategically utilised to optimise your financial operations.

Furthermore, it’s important to emphasise the benefits of engaging with our credit control services at an early stage. By enlisting our assistance from the beginning, you set the stage for a seamless and gradual incorporation into our comprehensive collections process, should the situation require it. This proactive strategy not only showcases our dedication to your financial health but also ensures a fluid and efficient advancement in addressing any credit-related obstacles that may come your way.

Get in touch

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Featured Customer Reviews

International Credit Insurance Client

We have been utilising the legal review services of Legal Recoveries and Collections (LRC) for the past few years, and we couldn’t be more satisfied. Their reviews are consistently thorough and informative, becoming an essential part of our pre-legal processes. This has significantly helped improve our recovery rates and reduced overall legal costs. The team at LRC are also very easy to work with and always available to provide professional advice when needed. We highly recommend their services.

North East Ambulance Service

As an NHS ambulance Trust, we don’t have in-house debt collection specialists, so find it difficult to pursue monies outstanding once our usual follow up process runs its course. LRC was recommended to us by another local NHS Trust and we approached them to find out what they could offer. We have been using LRC for nearly 3 years now and have not been disappointed. Our collection rate is circa 70% which represents a significant sum of money that is coming back into the NHS for patient care.

The team are very knowledgeable on the best route to recovery but will also advise when its just not financially viable to pursue a debt any longer. We have regular updates and meetings with Andrea the client services manager so everything is kept on track. It’s always our decision but LRC give us the best tools to make the right one.

London Metropolitan University

We have worked with Legal Recoveries and Collections for a number of years now and they have provided an outstanding service to us. We have worked closely with the team and have a good working relationship with both Rachel and Andrea. Their online portal is very user friendly. They have collected both pre-legal and post legal debts for us to a high standard and we would recommend their services to anyone considering using them going forward.

Utilita Energy Limited

We contacted LRC when we wanted to strengthen our collections processes and recover debt after we had exhausted our internal processes attempting to collect. From the off, LRC offered exceptional advice and support and helped us shape the way in which we approach collections. The team at LRC have a wealth of knowledge and experience which has enabled them to collect a significant amount of money on our behalf and through their professional approach have helped to change customer behaviour in many cases from infrequent to regular payers. LRC have tailored their collections activities to meet our needs and regularly make suggestions to make sure we spend our money wisely to ensure maximum return from their services . We are currently working with LRC to create a bespoke training package that they will deliver to staff across the business who manage and recover debt. I would not hesitate to recommend LRC for debt recovery.

James Paget University Hospitals

We have worked with LRC for about 9 years now and throughout this time they have provided us with good customer service and are always prepared to go that extra mile. Their recent gaining of ‘law firm’ status enables them to now handle the entire debt recovery process for us from pre-legal collections, through to legal proceedings and enforcement therefore ensuring continuity.

E.ON Energy Solutions

LRC have been an excellent organisation to work with. They aspire and deliver to a partnership principle rather than a transactional relationship and as such have helped to unlock our strategic deliverables. They really are prepared to give added value in these times of economic stress.

Frequently Asked Questions

1. What is credit control?

Credit control refers to the practices and strategies businesses use to manage and monitor the credit they extend to customers. It’s about finding the right balance between providing credit and ensuring timely payment of invoices, helping minimise the risk of bad debt and late payments.

2. Why is credit control important?

Effective credit control helps businesses maintain healthy cash flow, reduce the risk of financial losses due to non-payment, and ensure the organisation’s financial health remains stable. It also plays a key role in maintaining positive relationships with customers by promoting timely payments.

3. What does a credit control process involve?

Credit control typically involves assessing the creditworthiness of potential clients, setting credit limits, establishing payment terms, and monitoring accounts for overdue payments. It also includes sending reminders, negotiating repayment plans, and, if necessary, outsourcing debt recovery to a specialist like us.

4. When should I consider outsourcing credit control?

Outsourcing credit control can be helpful if your internal team is overwhelmed or if you’re dealing with overdue invoices. It can also be a strategic decision during busy periods, such as the fiscal year-end, when additional support is needed to manage cash flow effectively.

5. How can LRC help with credit control?

At LRC, we offer a fully personalised credit control service tailored to meet your specific needs. Whether you’re dealing with overdue invoices or want proactive support during busy periods, our team is ready to help. We can seamlessly integrate our credit control services into your operations to ensure smooth financial management.

6. What are the benefits of using your credit control services early?

Engaging with our credit control services from the start ensures a smooth process and enables us to address any potential issues early on. If the situation escalates, we can seamlessly transition your account into our full collections process, ensuring consistency and efficiency throughout.

7. What happens if credit control doesn’t work?

If credit control efforts are unsuccessful, it’s often time to escalate the matter by outsourcing the debt to a third-party debt recovery specialist. At LRC, we can handle the entire process, including legal action if necessary, to recover your outstanding debts.

8. Do you offer credit control services for both small and large businesses?

Yes, our credit control services are designed to meet the needs of businesses of all sizes. We tailor our approach to suit your specific requirements, whether you’re a small business or a larger organisation.

9. Can credit control improve customer relationships?

Yes, effective credit control can help maintain positive relationships with your customers by encouraging timely payments and preventing misunderstandings about overdue invoices. By managing credit efficiently, you can foster trust and reduce the likelihood of strained relationships.

10. How quickly can you take over my credit control processes?

We understand the importance of timing, especially when dealing with overdue invoices. Our team can quickly step in to take over your credit control processes, providing immediate support to help improve your cash flow and financial stability.

Get in Touch with Us

If you have any questions about our service or would like to discuss your matters with us in greater detail, please contact the Business Development Team on 0330 024 6342

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